London beats New York and San Francisco to be crowned world's leading tech hub

London was today named as the world’s leading financial technology hub ahead of New York, San Francisco and Singapore.

The use of “FinTech” in areas like banking and insurance is expected to grow significantly over the next few years, with internet giants like Amazon and Facebook considering moving into those sectors.

A survey by Startupbootcamp, a support service for tech start-ups, says London is leading innovation and the importance of FinTech will be discussed on TV channel London Live’s Not The One Show at 7pm tonight.

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Nektarios Liolios, managing director of Startupbootcamp, told the Standard: “As many as 1.4 million Britons, for whatever reason, do not have access to a regular bank account... this can be tackled with the right technology.”

Last week FinTech start-ups gathered in the capital to put ideas to mentors at Startupbootcamp’s “pitch day”.

Businesses have until Sunday to apply to join its “accelerator programme”, which includes £12,000 cash, free office space and other help from 200 venture capital investors.